Canola Down with Soy Complex, Prairie Rains

May 21, 2021

Canola futures ended weaker on Thursday, with the nearby July contract down its $30/tonne daily limit and more modest declines in the more deferred months.

Traders bailing out of long positions accounted for the selling pressure in July, with most of the commercial attention now on the new-crop contracts. Domestic crushers and line companies are generally pricing off of the November contract, for both old- and new-crop business, due to the volatility in July.

Losses in the Chicago Board of Trade soy complex and strength in the Canadian dollar contributed to the declines in canola. Widespread rains across Western Canada were also bearish for values. However, more precipitation will be needed going forward, with canola still looking relatively cheap given the tight supplies and solid demand projections.

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Video: Learning to Wrench From Dad the Hard Way

Harvest is a week out and the farm picked this week to fall apart. The truck needs a battery, the barn curtain's got a problem, and the corn and beans are telling us we're out of time to get it all fixed.

So it's a full day of wrenching. Tork supervises while I get the truck back running, then we're out at the hog barn where one rusted up part has the whole curtain system hung up. Ladder work, cable work, and a little dad-and-son disagreement about the right way to do it. We close it out walking the fields, shelling beans and checking corn, because whether everything's fixed or not, harvest starts when harvest starts.

Chapters: 00:00 Everything breaks the week before harvest 01:00 Tork supervises while I fix the truck 12:30 Out to the barn to find the curtain problem 14:30 One rusty part hung up the whole curtain 20:00 Running the curtain cable from the ladder 24:00 Walking the beans and corn before harvest 26:30 Wrapping up

We're a 6th generation family farm in southeast Iowa showing the real ups and downs of pig farming and row crop farming. No script, just the work. Subscribe and follow along.

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